In discussing bitcoin we have always emphasized that payment is only one potential application of blockchain technology. The decentralized public ledger is a new protocol that enables a fundamenatlly new class of systems: logically centralized but with decentralized control.

What does that mean? Logically centralized means everyone using the protocol agrees on what the state of the world is. For instance, imagine a list of usernames. Everyone agrees which names are on the list and which ones aren't. So "logically" it is as if the list of names were centralized, as if only a single copy of the list existed. Decentralized control, however, means that there is no entity (for profit or not for profit or even governmental) that controls which names are on the list. It is the protocol that handles that!

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